Overview

On 1 September 2011, the Central Bank of Ireland published new fitness and probity standards for a person performing a prescribed “controlled function” or a “pre-approved controlled function” in entities in Ireland that are regulated by the Central Bank (including banks, insurance undertakings, investment firms, collective investment schemes and their service providers but excluding credit unions). The Standards, which will, on a phased basis from December 2011, apply to persons performing any prescribed function in such an organisation, are built on requirements of competence, capability, honesty, integrity and financial prudence. The Standards may be applied to credit unions at a future date.
This briefing describes the main tenets of the standards and how they will work in practice and steps towards compliance.